Eduloan Blog

5 ways to make study finance easier:

Today’s world is all about investments. Investing time, money and effort into something in hope that that investment grows and blossoms into something bigger and better.

Education is the greatest investment of all. If you invest in your education, you invest in your country, you invest in your generation. You invest in yourself.

You are ready to invest in your education. You know what you want to do, what passion you want to pursue. You even already know where you want to go and everything there is to know about the institution that you want to attend.

But there is one worry sitting in the back of your mind. One thing you just can’t figure out, how are you going to pay for all of it?

The sad fact that it will be expensive, you know you will have to make sacrifices. But you also know that you can do it! You may need some help along the way, but you are determined to be the best you can be!

“Education is the most powerful weapon which you can use to change the world” – Nelson Mandela

Here are 5 steps to help you finance your dreams:

Step 1: How much will it cost?

In order to finance your dreams, you have to know how much they are going to cost. If you have a number in mind, it’s easier to achieve your goal.

There are many different amounts involved when trying to calculate how much your educational journey will cost. But for now focus purely on the cost of education.

Write down the total cost of your tuition. If the institution hasn’t already, break down the amount into monthly payments so that you know what it will cost you every month to attend.

Add basic learning materials, text books and stationary supplies that you will need for your course.

By now you will have a basic cost of how much money you will need every month for the duration of your course.

Step 2: Budget

No it’s time for the extras. These can add up. Is your educational institution far away from where you are living? If it is you need to calculate the costs of transportation getting to and from your institution.

If it is too far to travel every day, you need to factor in living costs as you would have to stay closer to your institution.

These costs could add quite dramatically to your study costs as you will have to factor in accommodation and food every month.

Now you can work out a budget. How much money you would need every month in order survive while studying.

Step 3: How can you get to your goal?

Now that you know how much money you will need. The next step is how to attain it. Some students are lucky enough to have their parents, other relatives or friends fund their studies.

Other students need to find other ways of financing. Finding a part time job will help you in paying for your living expenses and educational needs while studying.

But be careful that the time dedicated to your job does not negatively impact your time or ability to study. Jobs after study hours or on weekends might be best suited to your new study lifestyle.

If you can’t generate the funds by yourself and your family do not have the means don’t worry because your dream can still come to life.

Step 4: We all need a little help

Because higher education is so expensive, many students need financial assistance. It’s is not something to be looked down upon, but rather something that should be admired.

These are students that are doing everything in their power to follow their dreams.

If you do need financial assistance you can contact your university about applying for a bursary. Alternately contact a company that specialises in educational finance, such as Eduloan.

They will help you with the financial backing that you will need in order to help you unlock your potential. 

Step 5: Make your dream a reality!

Now that you have everything you need, it’s time to work hard! It’s time to repay the people that invested in you. This isn’t just your financial investors. These are the people that have invested more than that.

It’s your parents, your teachers and your friends that have helped you get this far. Now it is time to show them that their investments have paid off through your hard work and dedication.

Make them proud and achieve great things.

When it comes to financing your dreams, Eduloan can help you with all of your finance requirements. Since 1996 Eduloan has awarded over 720 000 study loans to the value of more than R3.7 billion.

Whether it be study fees, registration, textbooks, accommodation, technology or everything in-between, Eduloan offers an end-to-end solution for all your study needs.

To contact Eduloan today about financing your dreams, visit www.eduloan.co.za or call 0860 55 55 44.